Oil prices fall in Asia

AFP, SINGAPORE: Oil prices resumed their decline in Asia yesterday, with global crude oversupply continuing to dampen investors’ sentiment despite occasional rallies.
Prices had risen the previous day after a four-day losing streak, as traders weighed a bearish price outlook from the International Energy Agency (IEA) and a lowered US estimate for crude production.
The oil market has collapsed by more than half since mid-2014 with prices languishing under $50 a barrel, hurt by the supply glut and the decision by the oil exporter grouping OPEC to maintain output to counter booming US shale production.
The Paris-based IEA, in a report Tuesday, forecast that the global oil market would recover to $80 a barrel by 2020. At around 0300 GMT Wednesday, US benchmark West Texas Intermediate for delivery in December was trading 47 cents lower at $43.74 and Brent crude for December was down 26 cents at $47.18.

Oil prices fall in Asia

AFP, SINGAPORE: Oil prices resumed their decline in Asia yesterday, with global crude oversupply continuing to dampen investors sentiment despite occasional rallies. Prices had risen the previous day after a four-day losing streak, as traders weighed a bearish price outlook from the International Energy Agency (IEA) and a lowered US estimate for crude production. The oil market has collapsed by more than half since mid-2014 with prices languishing under $50 a barrel, hurt by the supply glut and the decision by the oil exporter grouping OPEC to maintain output to counter booming US shale production. The Paris-based IEA, in a report Tuesday, forecast that the global oil market would recover to $80 a barrel by 2020. At around 0300 GMT Wednesday, US benchmark West Texas Intermediate for delivery in December was trading 47 cents lower at $43.74 and Brent crude for December was down 26 cents at $47.18.